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Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Condo, Development

Redevelopment of Shawn Oaks Site to Include Two Condo Towers & Social Housing Lowrise

The formal rezoning proposal is now posted for the 3.2 acre ‘Shawn Oaks’ property at 5505-5585 Oak Street, on the West side of Oak just North of West 41st Avenue in the Oakridge area.

Shawn Oaks is a 1969 era lowrise condo that was acquired in phases between 2016-2021 by Landmark Premiere Properties. The site is identified as a “Unique Site” in the Cambie Corridor Plan, allowing for an ‘enhanced’ rezoning process, and potentially greater height and density than elsewhere in the Plan area. The Cambie Corridor Plan identifies Shawn Oaks for more market and below market housing, targeting 20% of Residential Floor Area for Social Housing if market strata uses are proposed.

The project was originally proposed in February 2022 via a rezoning enquiry, and initial concept plans were introduced to the community at an Open House in June 2023 and now the project is moving into the full application phase.

The current plan includes a 33-storey condo tower, a 31-storey condo tower, and a 6-storey social housing building.

Further details include:

  • Approx. 450 condos;
  • Approx. 180 social housing units;
  • a total density of 4.0 FSR (556,000 SF);
  • a daycare building for 37 children;
  • Approx. 600 parking stalls.

The architect for the project is Acton Ostry.

The preliminary rezoning package can be viewed here: https://www.shapeyourcity.ca/5505-5585-oak-st

June 30, 2024by david.taylor@colliers.com
Condo, Development, Rental

Phase One of Concert’s Cottonwood Lands Project to Include Two Towers, 649 Condos & Rental Units

Concert Properties has submitted a development application for the first phase of their 550 Cottonwood Avenue project in the Burquitlam area of Coquitlam.

A master plan for the 6.7 acre site, which is currently improved with 12 walkup apartment buidlings, was originally approved in 2019. It envisions two rental towers, four condo towers, a daycare and amenity building, and park dedication.

The plan for Phase 1 of the project is two towers :

  • a 37-storey tower with 347 market rental units (incl. 54 non-market units)
  • a 30-storey tower with 275 condos;
  • a 2-storey amenity/daycare building;
  • 1.67 FAR (on entire site area – 5.50 FAR max for the site)
  • an extension of Cottonwood Park.
  • $3.6 Million in DCCs
  • $4.8 Million in density bonuses.

Phase one is located in the Northeast corner of the site.

The architect for the project is Rafii Architects.

June 17, 2024by david.taylor@colliers.com
Condo, Development

Condo/Social Housing Project Slated for Broadway & Fraser Site

Wall Financial has submitted their rezoning application for 670 East Broadway, at the Southwest corner of Broadway and Fraser in East Vancouver. It is one of the first applications in the Broadway Plan seeking a mix of condo and social housing instead of rental and below-market rental.

The 20,200 SF site is located in the Mount Pleasant Centre – Area F (MCEF) of the Broadway Plan.

The proposal is to allow for the development of a 17-storey building with a 6-storey podium over 4 levels of underground parking and includes:

  • 137 residential units;
    • 24 social housing units
    • 113 condo units
  • 3,800 SF of retail space on the ground floor;
  • a total density of 6.0 FSR;
  • A building height of 180 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Bingham Hill.

The site was acquired in 2022 for $21,100,000 or $173 per buildable SF.

June 17, 2024by david.taylor@colliers.com
Condo, Development

Stacked Townhouses Planned for Port Moody Site

A rezoning application has been submitted to the City of Port Moody for a new stacked townhouse development on a land assembly consisting of five single-family lots totaling 43,555 SF

The site, located at 2213-2229 Clarke Street, has an OCP designation of ‘Multi-Family Residential and Mixed Use – Moody Centre’.

The proposal is for five 3-storey stacked townhouse buildings, and includes:

  • 40 units;
  • 30 two-bedrooms & 10 two-bedrooms;
  • a total density of 1.30 FAR;
  • 90 underground parking spaces.

Port Moody’s Inclusionary Zoning – Affordable Rental Units Policy does not apply to projects
proposing a residential density less than 2.0 FAR. As this application proposes a FAR of 1.3,
no rental or below market rental units are required or provided.

The application requires an OCP amendment as two of the lots require commercial uses, but only residential is being proposed.

The architect for the project is Igel Architecture.

June 17, 2024by david.taylor@colliers.com
Condo, Development

Rezoning Application Submitted for 23-Unit Townhouse Project in North Vancouver

A rezoning application has been submitted to the District of North Vancouver for a new stacked townhouse development on a 3-lot, 18,029 SF land assembly on Sandown Place, just West of Capilano Road in the Lower Capilano area.

The original preliminary application for the site was submitted in 2019.

The site is designated for up to 1.20 FSR under the Lower Capilano Village Centre: Peripheral Area Housing Policy & Design Guidelines.

The application comes just days following a nearby townhouse application that was rejected by District of North Vancouver council.

Details of the proposal 1900-1950 Sandown Place proposal include:

  • 23 townhouse units;
  • a total density of 1.16 FAR;
  • 42 underground parking stalls.
  • a CAC of $371,145 ($18 per SF)
  • Municipal DCCs of $232,991
  • Metro & Translink DCCs of $216,254

The architect for the project is Matthew Cheng.

June 13, 2024by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

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David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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